The Judicial Reform Support Project will have a 20-year maturity period extended through the International Bank for Rural Development (IBRD).
The project was designed in support of an ongoing judicial reform program led by the Supreme Court.
The World Bank said the project aims to support the development of "a more effective and accessible judicial system that would foster public trust and confidence."
Specifically, the project hopes to strengthen the court system by making the judicial process more efficient, timely and predictable.
The project would also contribute to the refinement of further reform of the Philippine judicial system as a whole, and deepen community and government support for such reforms.
The project loan is part of the World Bank’s lending program for the Philippines until 2005.
Earlier, the WB’s executive board decided to extend to the Philippines about $1 billion to $1.7 billion in program loans for the period July 1, 2002 to June 30, 2005.
So far, the Philippines has availed of some $282.29 million in loans for various projects involving infrastructure, rural development, land and social management projects. Among these are: the Second Local Government Units Urban Water and Sanitation project which will receive $100 million in funding; the Second Social Expenditures Loan project ($100 million); and the Metro Manila Urban Transport Integration project ($60 million).